Protecting the Promise: A Payment Processing Blog

Consumer Protection at Meracord? We call it Protecting Promises through Payments

This week we applaud the celebration of National Consumer Protection Week by the FTC and other sponsors, and we invite you to tell us of experiences you’ve had where, as a Consumer, you were protected.

At Meracord, we value the protection of the Consumer every day, all day long. We process payments according to written promises as a 3rd party payment processor. A written promise is a contract signed between 2 people buying and selling a product or service.

This happens every day.

We believe there is no better “Consumer Protection” than to act as an objective party between the purchaser and the seller, to ensure the accurate and responsible treatment of a payment that may be complex and is tied to the fulfillment of that contract.

Here’s how we help.

When Sally and Joe enter into a contract to buy a house from a Seller that will carry their contract, a separate agreement is entered into with Meracord, authorizing Meracord to make electronic withdrawals from their bank account each month on the payment date, for the agreed amount. These payments are processed and disbursed based on the contract terms between Sally and Joe and the Seller. Throughout our separate relationship with both parties, Meracord remains committed to providing reliable, trustworthy and visible payment services.

Or, how about when Don and Mary contact an attorney to help them work through the prevention of a Foreclosure on their home? Meracord will, through a separate agreement authorizing Meracord, make electronic withdrawals from their bank account each month, collect scheduled payments and disburse those payments according to the payment plan as services are rendered.

How does Meracord accomplish this?

It’s not magic, it’s just over 30 years of commitment to integrity and innovation.

Focusing on consumer protection, policies and procedures have been built into our payment systems to protect the consumer. At the beginning of the contractual relationship, payers enter into an agreement with Meracord. With this agreement, Meracord is authorized to withdraw payments electronically, process those payments according to the agreed upon terms between the consumer and the service provider. In return, Meracord provides the consumer complete visibility into all transactions related to their account. Communication is constant through online account access and access to a knowledgeable customer service staff. As payments are collected and disbursed, Meracord ensures protection of these funds.

• Funds are insured by the FDIC. 

• Funds are visible.

• Funds are protected.

• Meracord has an A+ rating with the BBB.

• Meracord is a trusted Money Transmitter.

• Meracord is fully bonded and insured.

• Meracord submits to annual CPA audits and frequent Regulatory audits. 

• Meracord conducts due diligence on every service provider before they are activated.

Yes, at Meracord we believe in Protecting the Consumer. Every day, all day long.

This post is published at blog.meracord.com  We invite you to visit our Meracord website as well.